Perspective is everything when a new asset hits the market, especially regarding their ‘Use Case’. While many are still nursing their NFT war wounds because they bought a PFP (Poorly Designed NFT), which looked like it was created by a one-legged, blind monkey, hopping on one leg while playing the guitar, with a promised utility that resembles ‘Groupon Deals’. On the other hand, others have been busy trying to find real use cases for NFTs that can benefit various industries.
In the commodities industry, the use of NFTs to authenticate important and valuable documents can be a game changer. While there are opportunities for NFTs to replace passports, medical reports, birth certificates, and other personal documents, my curiosity always led me to explore their potential use in my industry.
There are already a plethora of companies in the space that offer blockchain and smart contract solutions to ease the burden of handling large amounts of data in ETRMS (Electronic Trade and Risk Management Systems). Although most of these solutions are good, is there a specific use case for NFTs in authenticating valuable documents?
In the commodities industry, critical documents such as the Bill of Lading, Delivery Receipts, Quality Certificates, Inspection certificates, Origin certificates, and even Invoices can be hosted and collected as NFTs. These NFTs can then be stored in a Trading Companies Corporate Wallet, hosted by their finance teams, and be made available for all to see. These documents are crucial to the successful completion of a commodities transaction, and their authenticity is of utmost importance. By using NFTs to authenticate these documents, the risk of fraud and errors can be reduced while streamlining the verification process.
So, who in the commodities community is reported to be using NFTs? There are a few companies that have already adopted NFT-based solutions for document authentication. Here are a few examples: ·
- Louis Dreyfus Company: A leading global commodities trader that has adopted NFTs to authenticate quality certificates and improve supply chain transparency. ·
- Agrocorp International: A leading global agribusiness company that is using NFTs to authenticate origin certificates and improve supply chain traceability. ·
- RISE: A leading global provider of commodity finance and trade solutions that is using NFTs to authenticate bills of lading and improve supply chain security.
These companies are using NFT-based solutions to enhance the efficiency and security of their document authentication processes. By leveraging the power of NFTs, they are reducing the risk of fraud and errors while streamlining the verification process.
It is important to note that this is still a relatively new area, and the adoption of NFTs for document authentication in the commodities industry is ongoing. However, as the use of NFTs continues to grow, we can expect to see more companies adopt this innovative technology. The benefits of NFTs in terms of security, efficiency, and authenticity are too compelling to ignore. In conclusion, the use of NFTs in the commodities industry is a step in the right direction and has the potential to revolutionize the way we handle critical documents.”
As the focus shifts towards ETRMS, it may be beneficial to consider the numerous solution providers within the industry who are actively engaged in the development and implementation of NFT-based document authentication services. These innovative companies offer cutting-edge solutions that could greatly benefit the commodities industry and improve efficiency, transparency, and security. Some examples of such providers include : ·
- Arianee, a blockchain-based platform that offers NFT-based solutions for supply chain management and product authenticity. ·
- Provenance, a blockchain platform that provides NFT-based solutions for supply chain transparency and traceability. ·
- Artchain.AI, a platform that provides NFT-based solutions for document authentication and verification. ·
- Certchain, a platform that offers NFT-based solutions for certificate management and verification. ·
- Blockverify, a blockchain-based platform that provides NFT-based solutions for supply chain management and document authentication.
These companies have demonstrated their commitment to advancing the use of NFTs within the industry and have a proven track record of delivering reliable and secure solutions. It may be worth considering the potential benefits of working with one of these providers to support the ongoing development of the industry.